Many SMEs choose to not use marketing professionals but, if they are owners / directors, either do the marketing themselves or give it to a team member who will be quite good at it. But what does this approach cost your business? It can be more than you think. Here are the main impacts on organisations that I see as a result of amateur marketing and how you can mitigate them in your organisation.
Taking too much time
If you’re spending 10 hours per week on your marketing and you know that you’re worth approximately £25 per hour to your business, that’s £250 per week on marketing. Could you find that money in your business and spend it on a marketing professional instead?
Results v effort
- Their monthly marketing spend
- Their monthly sales income
- How much they would earn if they cut / dropped their marketing spend
- How much time they / their employees are spending on marketing to get the results.
If their spend is exceeding income or the time spent on marketing seems disproportionate to the results being achieved (eg 15 hours per week on marketing to make a £25 sale), then their marketing effort is not delivering results. It needs to be changed.
Doing your marketing badly, inefficiently or incorrectly can really damage your business – and you might not even realise it.
You won’t know that you have irritated or annoyed your market place, as they might not tell you.You’ll just see that you don’t get a great response to campaigns, that your sales aren’t where you want them to be, and that your marketing, “doesn’t work”.
Why does marketing cost businesses in this way?
- Not having a strong strategic marketing plan behind everything they do
- Getting the wrong people to “do some marketing” not realising that marketing should be a structured approach to supporting business goals
- Using the wrong marketing tactic for your marketplace (eg sending essay type emails to people who want one-liners)
- Not understanding what marketing is and just focusing on awareness raising and promotional activities.
What can you do if your marketing is costing your organisation?
- Improve your own marketing skills
- Improve the marketing skills of a relevant team member
- Hire a marketer
- Use marketing freelancers.
While it can seem that doing your own marketing in-house, without experienced marketers, is a cost-saving, it can sometimes cost your business more than you realise. I’d always urge you to calculate that cost and then decide if it is worth it. If it isn’t worth it: change it. Quickly. Before your business pays the ultimate price for it.
By Kara Stanford, Strategic Marketing Consultant
Kara is a Chartered Marketer and an Accredited Watertight Marketing Consultant who believes that marketing should be used in a structured, organised way to help organisations achieve the success they want.
Contact her to make sure your marketing is worth the real price you are paying for it.
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